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when you think about it, the deficits cast, ove a trillion dollars for the next four years. freckly this will add $80 billion a year. it i nonsense. it is a parody of reality, and the blood is not responsible about their duty is being fiscal managers for the united states. when you think about that, $20 trillion in four years. if you paid off a dollar a second you'rtalking about 670,000 years to pay is tough. the response is impractical, and when you look at the biggess growth which is entitlements and think about the dynamic shift in the demographics, people are getting older, living longer, the costs attributed to that with less workers, our population is not growing at much to mike catastrophic. if they don't do something realistic to curb spending problem. lou: as of tonight it looks like there is nothing ralistic going on in washington d.c. imagine that. it is great to talk with you. i hope he will come back soon and often. amazing, as you saw. editorial cartoonist. up next ralph nader headlines a triumvirate of angry liberals over the weekend. we will have that straigh
when you think about it, the deficits cast, ove a trillion dollars for the next four years. freckly this will add $80 billion a year. it i nonsense. it is a parody of reality, and the blood is not responsible about their duty is being fiscal managers for the united states. when you think about that, $20 trillion in four years. if you paid off a dollar a second you'rtalking about 670,000 years to pay is tough. the response is impractical, and when you look at the biggess growth which is...
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Dec 7, 2012
12/12
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and by the way, they were a million% wrong on the deficit. it balanced the budget. not only balanced the budget, it gave us a $236 billion surplus. how do you like that for results? and that's what happened the last time we raised taxes on the upper bracket. so when they tell you the same old lies this time around, there is absolutely no reason to believe it. in fact, there is overwhelming evidence against it. so undeterred, they of course go on none the less. if you're not convinced, let me give you more evidence. look at this chart that i'm going to show you. this is economic growth. in 1991, george h.w. bush does a tax increase. obviously it's going to go down. let's see what happens. >> whoa. >> wait a minute, economic activity and the economy boomed. clinton in 1993 did another tax increase. then it must have crashed right? let's see what happens. whoa, it went up again. interesting, right? then of course, we have a bubble in terms of the tech crash you remember in 2000. it went down a little bit but then we had a tax cut in 2001 under george w. bush. after the
and by the way, they were a million% wrong on the deficit. it balanced the budget. not only balanced the budget, it gave us a $236 billion surplus. how do you like that for results? and that's what happened the last time we raised taxes on the upper bracket. so when they tell you the same old lies this time around, there is absolutely no reason to believe it. in fact, there is overwhelming evidence against it. so undeterred, they of course go on none the less. if you're not convinced, let me...
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Dec 4, 2012
12/12
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drivers of the debt and deficit. they need to ring something out of the white house on that side of the equation. >> one thing to understand, when we hear the president say rates have to go up. there is no other way to make this work. this is a purely political statement, it has nothing to do with economics. his own commission, the debt reduction commission he pinted identified $1.1 trillion of what are called the tax expenditures. meaning loopholes and deductions out there. available every year. so over a decade that is $11 trillion of available revenues without raising rates. so all you need to do is get less than one in ten of the dollars. one in ten. you've got a $1 trillion in raised revenues without raising rates. the only reason the president insists on raising rates is because he knows it will destroy the republican unity. it will cause a complete fracture of the republican majority in the house. it will hand him a congress that he can then manipulate for the next two years at least. because the republicans w
drivers of the debt and deficit. they need to ring something out of the white house on that side of the equation. >> one thing to understand, when we hear the president say rates have to go up. there is no other way to make this work. this is a purely political statement, it has nothing to do with economics. his own commission, the debt reduction commission he pinted identified $1.1 trillion of what are called the tax expenditures. meaning loopholes and deductions out there. available...
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Dec 3, 2012
12/12
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don't think we have a president that is serious about getting our debt under control and getting our deficit, which the federal government spending under control, especially when you understand that we have fha in trouble, we have the post office in trouble, we continue to get closer to this incredible fiscal cliff. and i think that the president should take a case study analysis and look at what president calvin coolidge did and president jfk did, john f. kennedy did when they went in and lowered tax rates and you increase revenues which is exactly what we're talking about. >> were you-- did you feel like it was a bait and switch from president obama from what you'd heard about in the campaign and light on the details, but that's one of the things i've heard from members of congress that they thought, wait a second, that's not at all what you thought was going to happen. >> yeah, you're absolutely right. what you see happening right now, dana, is really the art of politics, versus the science of good policy and i think we need to move away from campaign mode and we need to do the things tha
don't think we have a president that is serious about getting our debt under control and getting our deficit, which the federal government spending under control, especially when you understand that we have fha in trouble, we have the post office in trouble, we continue to get closer to this incredible fiscal cliff. and i think that the president should take a case study analysis and look at what president calvin coolidge did and president jfk did, john f. kennedy did when they went in and...
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Nov 30, 2012
11/12
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a serious down payment of the deficit. the wall street people who are wringing their hands about this are really full of it. because what they're going to see is a big drop on wall street while the hype comes and then it's going to come roaring back because finally somebody has done something serious about the deficit. so i think the fiscal curb as you call it is actually the best deal that progressive democrats are going to get and i think it's the best deal in the long run, not the short run. but the long run to the american people. >> i think if we did go off, as i kind of expect we will, that congress, though, will not accept your view of look at the long-term benefits of most of this package. yes, there's some things we don't like in it, but most of the package is beneficial. and they will take some kind of action. they would immediately go into action and try to do something about the top -- about the other tax brackets below the top, and then that's when the discussion on spending cuts would really get engaged. >> i
a serious down payment of the deficit. the wall street people who are wringing their hands about this are really full of it. because what they're going to see is a big drop on wall street while the hype comes and then it's going to come roaring back because finally somebody has done something serious about the deficit. so i think the fiscal curb as you call it is actually the best deal that progressive democrats are going to get and i think it's the best deal in the long run, not the short run....
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Dec 6, 2012
12/12
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deficit to gdp? >> did i say that? >> just to be clear -- if you look to the 10-year period on the current base line and get under 1% deficit to gdp in 10 years -- >> because you get seven years of debt reduction under current law. >> if anyone wants to read more, please read the piece on what it takes. i thank you all for being here today. one reason we have to end is these poor people will be so instrumental in getting us out of this mess that we have to get them back to work. >> we only wish we were winding up. >> senators, thank you, congressman, thank you. >> we will continue to examine the so-called fiscal cliff with armstrong williams. we will also be joined by sam goldfarb. live on c-span every day at 7:00 eastern. over the next hour and a half, some of yesterday's events involving the fiscal cliff. first, house leaders discuss how continuing negotiations may affect the schedule. in half of an hour, senate leaders comment on the fiscal cliff. after that, house speaker john boehner and minority leader nancy pelo
deficit to gdp? >> did i say that? >> just to be clear -- if you look to the 10-year period on the current base line and get under 1% deficit to gdp in 10 years -- >> because you get seven years of debt reduction under current law. >> if anyone wants to read more, please read the piece on what it takes. i thank you all for being here today. one reason we have to end is these poor people will be so instrumental in getting us out of this mess that we have to get them back...
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it's exactly what happened during the clinton administration group old spending and quadrupled the deficit then in this forward you're going to get all your god has influence or an article written in one thousand nine hundred six that sort of led to believe it that became like the foundation trilogy every really really has for thirty two years this is been this is been the republican party tonight and your eyes are going out to remember the the clinton administration yes first week that bill clinton right after the election the first week after the election when the republicans were screaming about what the national debt there had been no discussion about it at all for twelve years before. or that they were in the wreck during the time the regular radio who knew of her own primary had one hundred ten last pro is not talking about the ready to be much of the jazz radio well yeah george w. bush tries talking about but he was talking about the trade with george not the not the no using sort of the federal budget and george h.w. bush actually wanted to assert the line item veto you know that y
it's exactly what happened during the clinton administration group old spending and quadrupled the deficit then in this forward you're going to get all your god has influence or an article written in one thousand nine hundred six that sort of led to believe it that became like the foundation trilogy every really really has for thirty two years this is been this is been the republican party tonight and your eyes are going out to remember the the clinton administration yes first week that bill...
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Dec 5, 2012
12/12
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we went into deficits, deficits as far as the eye could see. deeper and deeper in debt. so you might ask, then, "senator boxer, why are you now supporting those tax cuts being renewed for 98% of the people?" and the answer is, it's a different time and a different place. we're getting out of a recession and we can make up the moneys we need to balance this budget by going just to the top rate, going to the people over $250,000. remember, this plan that we passed in july -- if we could go back to that chart -- that gives a tax break on the first $250,000 of income. and, in essence, giving everybody a tax break on that first $250,000. it's only after that that the taxes go back to clinton era. and because this is a different time and place, i support giving a tax break, continuing it for 98%, but asking the wealthiest to pay their fair share for the greatest country on the face of this earth. my father was born into dire poverty. he was the only one of nine children born in america. he was the only one of nine children to go to college at night in your great state, madam p
we went into deficits, deficits as far as the eye could see. deeper and deeper in debt. so you might ask, then, "senator boxer, why are you now supporting those tax cuts being renewed for 98% of the people?" and the answer is, it's a different time and a different place. we're getting out of a recession and we can make up the moneys we need to balance this budget by going just to the top rate, going to the people over $250,000. remember, this plan that we passed in july -- if we could...
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Nov 30, 2012
11/12
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because he wants to bring down the deficit. he wants to -- and has agreed to, and we've agreed to, over $1.7 trillion in spending cuts already for 2011, 2012, and 2013 and for the next decade. or at least until 2022. we've already agreed to that you press that, you were -- you pressed that, you were successful, we agreed on many of those. some we didn't agree on. but you had the votes, we needed to reach an agreement and we reached an agreement. we've cut almost $2 trillion of spending already. you're correct. we need to assure the fact that we pay for what we buy. and if we don't want to pay for it, my view is we shouldn't buy it. frankly, those tchash principle applies in my opinion to tax eexpenditures as well as to buying stuff. it all reduces your -- -- reduces your ability to pay for what you're buying. it's not that i'm technically correct, i'm correct. the bill i'm asking you to pass will simply give to the 98% of americans, taxpayers, the assurance that their taxes will not go up on january 1. if we dent don't pass it,
because he wants to bring down the deficit. he wants to -- and has agreed to, and we've agreed to, over $1.7 trillion in spending cuts already for 2011, 2012, and 2013 and for the next decade. or at least until 2022. we've already agreed to that you press that, you were -- you pressed that, you were successful, we agreed on many of those. some we didn't agree on. but you had the votes, we needed to reach an agreement and we reached an agreement. we've cut almost $2 trillion of spending already....
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Nov 29, 2012
11/12
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if you want a balanced approach to reducing the deficit, let your member of congress know. if you believe we can solve this problem through compromise, send that message. >> let your member of congress know. send that message said the president. the american people did. so many american people did that congressional websites and phone lines crashed after the president's speech. house phone circuits were so overwhelmed that an alert went out to members of congress that if they were expecting any really important phone calls therks shou they should try using a different phone. if you tried to visit the websites for john boehner or michele bachmann after the president's call to action, you just got a server to busy message. >>> last year, in the fall, the president went and did it again. the president went on a multi-state barn storming campaign style tour to push for the passage of his jobs bill. again, he asked the american people to get involved in that fight directly. he asked the american people to talk to congress. >>> i want you to call. i want you to e-mail. i want you
if you want a balanced approach to reducing the deficit, let your member of congress know. if you believe we can solve this problem through compromise, send that message. >> let your member of congress know. send that message said the president. the american people did. so many american people did that congressional websites and phone lines crashed after the president's speech. house phone circuits were so overwhelmed that an alert went out to members of congress that if they were...
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Dec 5, 2012
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shot down the theory of closing loopholes to cut the deficit saying it's exactly that. a theory. >> it is not possible for us to raise the amount of revenue that's required for a balanced package if all you're relying on is closing deductions and loopholes. it is possible to do theoretically. it is not possible or wise to do as a practical matter. >> the president then threw a left hook warning republicans who think they might be aim able to use the debt ceiling as leverage in future negotiations and saying essentially dream on. >> if congress in any way suggests that they're going to tie negotiations to debt ceiling votes and take us to the brink of default once again, as part of a budget negotiation, which by the way we have never done in our history until we did it last year, i will not play that game. because we've got to break that habit before it starts. >> joining me now from the capitol dome, nbc's luke russert. i don't know, i think that was what we call officially laying the smack down over there at the business roundtable. i was really surprised that the pres
shot down the theory of closing loopholes to cut the deficit saying it's exactly that. a theory. >> it is not possible for us to raise the amount of revenue that's required for a balanced package if all you're relying on is closing deductions and loopholes. it is possible to do theoretically. it is not possible or wise to do as a practical matter. >> the president then threw a left hook warning republicans who think they might be aim able to use the debt ceiling as leverage in...
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reform, making sure that we have the resources we need to protect medicare and that we deal with it, the deficit devastation for a long term and nothing to hurt the growth for the future. >> thank you so much for your time. we greatly appreciate it. >>> and we have some developing news to report to you out of cairo, egypt. officials say at least 60 people have been injured in violent clashes in the past few hours outside the presidential palace. there are reports two people are killed but authorities deny it. tens of thousands of demonstrators at the palace and president morsi reportedly slipped out a back door. we have more from jim maceda in cairo. >> reporter: tamron, this is what many here feared would happen. street battles breaking out between the morsi supporters and demonstrators. last night, it was opposition that seemed to score big, bringing out tens of thousands in to the streets and then of course marching on the presidential palace where eventually morsi andç his riot police were seen actually beating a tactical retreat leaving the palace grounds in the hands of baffled anti-mors
reform, making sure that we have the resources we need to protect medicare and that we deal with it, the deficit devastation for a long term and nothing to hurt the growth for the future. >> thank you so much for your time. we greatly appreciate it. >>> and we have some developing news to report to you out of cairo, egypt. officials say at least 60 people have been injured in violent clashes in the past few hours outside the presidential palace. there are reports two people are...
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Nov 30, 2012
11/12
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we cannot just do deficit spending. so they agree, they cut this deal, now the democrats are going to the republicans and saying, forget that. let's just in the position to get rid of it. what on earth would make them think that republicans would agree to that? >> because the president thinks he has a mandate from the whole country. he thinks he can get anything he wants. i am sure that alan colmes loves this idea. here are the problems. the congress has the authority to authorize the debt. they also have the authority to authorize the bill that pays the debt. so now the president wants to take that away. this guy has shown a tendency to say that i don't need congress. i can pass laws with a stroke of a pen on executive orders. he doesn't need the supreme court because he declares laws unconstitutional, like doma. he says he wants an unlimited credit card, and you all will have to pay the bill. we have a debt ceiling, as much as people anguish over it, we need to have a conversation about what we are spending and why. w
we cannot just do deficit spending. so they agree, they cut this deal, now the democrats are going to the republicans and saying, forget that. let's just in the position to get rid of it. what on earth would make them think that republicans would agree to that? >> because the president thinks he has a mandate from the whole country. he thinks he can get anything he wants. i am sure that alan colmes loves this idea. here are the problems. the congress has the authority to authorize the...
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Dec 6, 2012
12/12
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they said it would woesen the budget deficit decrease quality, and fail to produce economic growth. well what happened? [ bell chimes ] >> stephanie: exactly that. [ ♪ patriotic music ♪ ] >> stephanie: since then the budget deficit has ballooned, the economy has spiraled into the greatest decline since the great depression history has proved that 450 economists were exactly correct. this could push the american economy off of a fiscal cliff, am i missing something here? can it be such a bad thing. not really said the cbo. if congress extents current policy, the debt and deficit will increase slowing the economy and dramatically increasing interest costs. because of the deal congress and the president made last year it be result in across the board budget reductions, still there will be no decreases in social security, medicare and veteran's benefits. defense spending would take a big hit, but because of a windown in afghanistan some military leaders are asking for less than congress is willing to shell out. from 1990 to 1999 defense spending decreased by 1% a year. this weakened
they said it would woesen the budget deficit decrease quality, and fail to produce economic growth. well what happened? [ bell chimes ] >> stephanie: exactly that. [ ♪ patriotic music ♪ ] >> stephanie: since then the budget deficit has ballooned, the economy has spiraled into the greatest decline since the great depression history has proved that 450 economists were exactly correct. this could push the american economy off of a fiscal cliff, am i missing something here? can it...
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Dec 4, 2012
12/12
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it is not part of the american deficit. it's an issue that over the years has come back before the american public. the congresses in the past have dealt with it, extended the viability of social security for years and years, and this congress does not need to deal with this problem this year or even next year, the 113th congress. down the road it must be dealt with and there are numerous ways it can be, but to bring social security into the deficit debate is only to cloud this debate and to make it far more difficult for us to find a solution. now, my democratic colleagues and i and the president have made it very clear, we understand the necessity of solving this problem. we are willing to compromise. and the president has put on the table a very complex, detailed program about how we can deal with the deficit, both in the short term and the years ahead. and we need to proceed with that, unfortunately it was just simply dismissed and a new, actually a rebaked, redone, rehashed proposal put on the table by our republican c
it is not part of the american deficit. it's an issue that over the years has come back before the american public. the congresses in the past have dealt with it, extended the viability of social security for years and years, and this congress does not need to deal with this problem this year or even next year, the 113th congress. down the road it must be dealt with and there are numerous ways it can be, but to bring social security into the deficit debate is only to cloud this debate and to...
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Nov 29, 2012
11/12
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we have talked for a number of years now about the challenges we have in terms of the debt and deficit. but we are not talked about the investments that are needed in this country that will help make us stronger in the future. whether we're talking about education or job training or investment in our infrastructure or providing the services for our veterans when they come home or those kinds of things that we can't just continue to talk about cutting government. we have to have a country that actually is strong in the underpinnings and that is a balanced approach that i think we need to be taking. >> before we go, i swrus want to turn to one other piece of senate business, this oddity of susan rice. it's just a simple question about john mccain and lindsey graham and john mccain and lindsey graham, do you think they are crazy and you can answer yes or maybe. >> what i believe is that susan rice is an incredible person with a great deal of intelligence and integrity and ought to be taken for her word. i think it's really unfortunate for her. >> i don't think senators are crazy in my exp
we have talked for a number of years now about the challenges we have in terms of the debt and deficit. but we are not talked about the investments that are needed in this country that will help make us stronger in the future. whether we're talking about education or job training or investment in our infrastructure or providing the services for our veterans when they come home or those kinds of things that we can't just continue to talk about cutting government. we have to have a country that...
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Dec 4, 2012
12/12
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in my testimony before the joint select committee on deficit reduction, i simply took the midpoint of the public offers to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaking boehner's letter, but the question i wanted the to ask you -- >> can we spend one more point on that? >> of course. >> what did he say? that was the midpoint of a compromise from the two. so, here's speaker boehner who is taking a new point on the compromise between the two sides and offered it and it's already flatly rejected? >> i think what he might be rejecting, sir, if i may -- >> no, i'm not talking abo about erskine bowles. >> i think what he's saying in his statement, this letter from speaker boehner does not represent his theerly, number one, but i think the line the white house is have been problems with, i believe i found it in page two of the speaker's letter, he says this. notably, the new revenue in the bowles plan would not be a i chiefed through higher taxes, which we continue to oppose and will not agree to in order to protect small businesse
in my testimony before the joint select committee on deficit reduction, i simply took the midpoint of the public offers to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaking boehner's letter, but the question i wanted the to ask you -- >> can we spend one more point on that? >> of course. >> what did he say? that was the midpoint of a compromise from the two. so, here's speaker boehner who is taking a new point on the...
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Dec 7, 2012
12/12
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it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are hard proposals to make because they're substantive. to achieve fiscal sustainability in the context of $3 trillion in 10-year deficit reduction, i think we need to do more. >> looking at the republican plan and the president's proposal, do you see any common ground? >> the common ground is that we're looking at the same proposals. cbo has scored a number of different approaches. i also think there is no general agreement in the context of the current discussion, we will not make any major structural changes to these programs. we will not block grant medicaid, and we wi
it does not solve the deficit. it is not a serious deficit proposal. the credit rating agencies are looking for a plan that lowers the gdp to debt ratio. i do not think there is a magic number. social security, medicare, to find a sustainable path for word on them. do you think the president's plan adequately addresses the sustainability of medicare and social security? >> i think he needs to go further. i do not think it is enough. i believe the proposals are good ones. i think they are...
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it cuts $2.2 trillion from the deficit over ten years. that number also includes entitlement reforms raising the age for social security and medicare and so forth as well as $800 billion that they say they would throw into the pot in new tax revenue that would come from tax reform, from cutting tax loopholes and the like. joined now, very pleased to have with us california republican ken mccarthy, the house majority whip. congressman, welcome. good to see you this morning. >> thanks for having me. martha: so you put your number out there, you know, all kinds of response across the board this morning saying that it is, you know, equally laughable, ridiculous. there's no way that the white house is going to counter that offer. what do you think about that? >> well, i think that's sad, because think about what this president said when he campaigned. he said he wanted a balanced approach. he said he wanted 800 billion in revenue and 800 billion in revenue we provide. we also provide that balanced approach where he wanted two and a half cuts t
it cuts $2.2 trillion from the deficit over ten years. that number also includes entitlement reforms raising the age for social security and medicare and so forth as well as $800 billion that they say they would throw into the pot in new tax revenue that would come from tax reform, from cutting tax loopholes and the like. joined now, very pleased to have with us california republican ken mccarthy, the house majority whip. congressman, welcome. good to see you this morning. >> thanks for...
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Dec 1, 2012
12/12
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it would make a difference in the deficits. and then we'll talk revenue. >> larry we're not suggesting dropping out, either. >> neil pattell thank you very much. senator kay bailey hutchson appreciate it. >>> next up lipitor and the fallout. the people who take the popular drug need to know. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated support teams help you know more so your money can do more. [ rodger ] at scottrade, seven dollar trades are just the start. our teams have the information you want when you need it. it's another reason more investors are saying... [ all ] i'm with scottrade. it's another reason more investors are saying... those surprising little still make you take notice. there are a million reasons why. but your erectile dysfunction that could be a question of blood flow. cialis for daily use helps you be ready anytime the moment's right. you can be
it would make a difference in the deficits. and then we'll talk revenue. >> larry we're not suggesting dropping out, either. >> neil pattell thank you very much. senator kay bailey hutchson appreciate it. >>> next up lipitor and the fallout. the people who take the popular drug need to know. [ male announcer ] at scottrade, we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500...
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Nov 29, 2012
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we want to raise -- deficit. we want to raise taxes, cut defense -- we're willing to do all four of those things. megyn: marc, how does taking money out of medicare and giving it to obamacare cut spending? [laughter] >> it doesn't. >> that's not what i said, megyn. that's not what i said. >> it doesn't cut spending. they cut money out of medicare and put it to fund obamacare, but president obama has not put forward a plan to deal with the entitlement crisis. he put forward no plan on social security, medicare or medicaid, which he himself admits is what is driving the debt and driving the real fiscal crisis. so they have put forward no plans whatsoever, and when paul ryan and others have put forward our plans, they've pilied them for it. i'm glad president obama's meeting with simon. i'd love for him to meet with john john boehner. [laughter] megyn: simon's got a lot of good ideas. were you in that meeting with the unions and the progressive groups that the president had -- >> no. i was in a different meeting. th
we want to raise -- deficit. we want to raise taxes, cut defense -- we're willing to do all four of those things. megyn: marc, how does taking money out of medicare and giving it to obamacare cut spending? [laughter] >> it doesn't. >> that's not what i said, megyn. that's not what i said. >> it doesn't cut spending. they cut money out of medicare and put it to fund obamacare, but president obama has not put forward a plan to deal with the entitlement crisis. he put forward no...
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Dec 5, 2012
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isn't the tax debate now blocking progress towards the larger issue which is getting -- attacking the deficit with real spending cuts? >> i think there is, but let me make very apparent i think the speaker is right. i think the proposal he's put on the table is a great proposal that we ought to not raise rates. there's other ways to get revenue that honestly are more economically productive in the long term. having said that, again, i think you might be better served to do this in pieces. first, we disagree with the democrats on a lot of things but we don't disagree about the 98% of the american people. we don't think their taxes should go up. to me since that's a point of agreement and doesn't affect either side's negotiating position on the other issues we ought to remove it from the table. make sure most americans don't have to worry about their taxes going up. having said that, again, i think the speaker's right on in terms of the proposal he's put out there. most importantly, he couples it with something the president doesn't, which is really significant spending cuts and entitlepment re
isn't the tax debate now blocking progress towards the larger issue which is getting -- attacking the deficit with real spending cuts? >> i think there is, but let me make very apparent i think the speaker is right. i think the proposal he's put on the table is a great proposal that we ought to not raise rates. there's other ways to get revenue that honestly are more economically productive in the long term. having said that, again, i think you might be better served to do this in pieces....
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the deficit is $1.9 trillion. megyn: mark, the point that i'm trying to get to, is there some arrogance or bias, anything inappropriate about the media being oh focused on the tax debate as opposed to where are the spending cuts? >> i don't think so. this is because there hasn't been any serious proposal for spending cuts and it's true of the republicans as well. you don't see republicans coming out saying they want to cut spending on specific things. the president put forward a plan that included a few spending cuts. now it's the republicans' turn to show what they are willing to cut spending on. megyn: before i go, the president came out with a $400 billion in proposed spending cuts from his last budget. mitch mcconnell came out with spending cuts when it comes to medicare, maybe adjusting the cost of living for social security. but they are too timid because this is an issue on which people vote and no one wants to talk about it. am i wrong? >> here is where you are slightly wrong. there is a framework. paul ry
the deficit is $1.9 trillion. megyn: mark, the point that i'm trying to get to, is there some arrogance or bias, anything inappropriate about the media being oh focused on the tax debate as opposed to where are the spending cuts? >> i don't think so. this is because there hasn't been any serious proposal for spending cuts and it's true of the republicans as well. you don't see republicans coming out saying they want to cut spending on specific things. the president put forward a plan that...
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last i looked at the trade deficit, we were, again, lagging and uke sking popped water. there's arising deficit stripping our gdp. >>nd right now europe is in a relative deep recession. we're still above water. lou: you jumped all over the punch line because you talk about things not making sense. folks, this is not making sense. i'm delighted because people have wealth left in the equities market, the bond market. w long will that be the case if we go over the cliff? >> won't be the case for long if we have a recession followed by a typical bear market. lou: how long to get to recession -- >> we can get there pretty quick. in fact, some of the down downdrafts are starting to form. we saw those in the q3 gdp numbers were sinking into @%ntraction. lou: 2.7 -- >> employment reports gnar november and december, not surprised if gains in private sector payrolls are well over 100,000 new jobs. lou: that would not be good. baseline at least, i think, for passable is 125. what's your judgment? >> about the same, okay, that's a c-minus grade, get a "c" if we hit 150. lou: might s
last i looked at the trade deficit, we were, again, lagging and uke sking popped water. there's arising deficit stripping our gdp. >>nd right now europe is in a relative deep recession. we're still above water. lou: you jumped all over the punch line because you talk about things not making sense. folks, this is not making sense. i'm delighted because people have wealth left in the equities market, the bond market. w long will that be the case if we go over the cliff? >> won't be...
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Dec 6, 2012
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bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after reagan appeared in that one debate against carter and people said, hey, he isn't so bad. i have a choice. >> one of the other players, besides the two candidates was bill clinton, the former president, don't think anybody made a better case of making the case for obama than bill clinton. at the convention a critical moment when he explained the arithmetic of what obama inherited. >> in tampa the republican argument against the president's re-election was pretty simple, pretty snappy. it went something like this. we left him a total mess. he hadn't cleaned it up fast
bush inherited a surplus and left with a massive deficit. didn't monitor the financial system and so on. the most important point is david's right about, which is there's no such thing as a presidential referendum election. i've covered ten of these and they've all been choices. why? because these two candidates live in everybody's living rooms. people make a judgment about their character -- >> reagan was partially positive, just anti -- >> oh that became a choice election after...
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Dec 5, 2012
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but you've got to be committed to some kind of real deficit reduction. and that's where, beyond the spending, being serious about entitlements, there's got to at least be some framework that says, look, we are going to reduce the size and the scope of government. and that's -- finding that pain point on both sides so it's not a lopsided deal will at least give republicans the room to argue, look, we can take this pain. we've won some concessions back, but we have to do this. >> that should be done in private and together. >> and again, though, the ratio between tax increases to spending cuts is a wide, wide gap. medicare and medicaid and social security together, taken with interest and the debt, that's consuming every dime that's coming into washington, d.c., right now. people talk about -- democrats have talked about for a decade, the bush tax cuts. they've driven up the national debt. fine. if that's the case, why is it that the president, as you've said earlier, is embracing 98% of the bush tax cuts? >> except that isn't true. >> of course it's not t
but you've got to be committed to some kind of real deficit reduction. and that's where, beyond the spending, being serious about entitlements, there's got to at least be some framework that says, look, we are going to reduce the size and the scope of government. and that's -- finding that pain point on both sides so it's not a lopsided deal will at least give republicans the room to argue, look, we can take this pain. we've won some concessions back, but we have to do this. >> that...
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. >> the percentage of your debt -- not the deficit to gdp? >> deficit to gdp. now, we do not want to get there that way. the same way we do not want to go over the fiscal class. the fiscal cliff is big austerity -- you get $seven trillion in deficit reduction over 10 years. but you do not do it you really want to do it. when it comes to the baseline, you have to work together as part of an agreement to get to the right baseline. that does not mean it is not real world deficit-reduction. it is. does it mean it is better than current law? maybe not. but there is agreement that current law, including the fiscal cliff, is not the best way. >> we have our baseline. deficit to gdp? >> did i say that? >> just to be clear -- if you look to the 10-year period on the current base line and get under 1% deficit to gdp in 10 years -- >> because you get seven years of debt reduction under current law. >> if anyone wants to read more, please read the piece on what it takes. i thank you all for being here today. one reason we have to and is these poor people will be so instrum
. >> the percentage of your debt -- not the deficit to gdp? >> deficit to gdp. now, we do not want to get there that way. the same way we do not want to go over the fiscal class. the fiscal cliff is big austerity -- you get $seven trillion in deficit reduction over 10 years. but you do not do it you really want to do it. when it comes to the baseline, you have to work together as part of an agreement to get to the right baseline. that does not mean it is not real world...
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Dec 5, 2012
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how will you stop us from going over the fiscal cliff and will it involve significant deficit reduction. the president said i thought twitter was supposed to be fun. where are all of the crazy video. twitter boring. >> gretchen: it is an interesting concept instead of spending time twittering why not go and lead the discussion between the parties. >> steve: or the president went golfing three or four times . it would be great if he went golfing with john boehner. >> gretchen: as hong as they don't ask. here are the headlines. a scare for franky muniz who rose to fame for malkare olm in the middle. >> it is the video . desense -- desensitized to violence. how many have you had. >> gretchen: the 26 year old recovering after suffering from a min i stroke. they are awaiting results. they noticed that nuniz had trouble understanding word and speaking. >> brian: he has to take better care of himself. >> steve: meanwhile, a mother could face crimminal charges if she doesn't bring her daughter back to the hospital. cops are searching for 11 year old emily who suffers from leukemia. her mom remo
how will you stop us from going over the fiscal cliff and will it involve significant deficit reduction. the president said i thought twitter was supposed to be fun. where are all of the crazy video. twitter boring. >> gretchen: it is an interesting concept instead of spending time twittering why not go and lead the discussion between the parties. >> steve: or the president went golfing three or four times . it would be great if he went golfing with john boehner. >> gretchen:...
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. >> this isn't about getting a handle on the deficits or debt for him. it's about spending even more than he already has. >> white house aides reject republican claims that holding the debt limit over the president head is the only mechanism to get him to trim spending. >> you are going to keep the debt limit goes higher and you're spending money. you and congress. >> president signed in law, $1 trillion in spending cuts. there is a specific proposal to achieve $600 billion in savings from our entitlement programs. including our healthcare entitlement program. jay carney went so far to compare republican pressure on debt creeling to hostage taking. >> this is a profoundly bad idea that i think could not be more frightening for american businesses. and american workers. >> of course, treasury secretary geithner it go may have also frightened people yesterday. by telling cnbc the white house is prepared to go off the fiscal cliff, unless the republicans bend on taxes. comment by former democratic presidential candidate howard dean frightened republics that
. >> this isn't about getting a handle on the deficits or debt for him. it's about spending even more than he already has. >> white house aides reject republican claims that holding the debt limit over the president head is the only mechanism to get him to trim spending. >> you are going to keep the debt limit goes higher and you're spending money. you and congress. >> president signed in law, $1 trillion in spending cuts. there is a specific proposal to achieve $600...
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Nov 30, 2012
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on the left, the number ishe projected deficit for this fiscal year, 2013. the production is $100,000,000,000.04. senator, this is a joke. this is 8% of the projected deficit and people are willing to, with absolute certainty, nd this count into recession and destroy millions of jobs. i mean, this president -- he is frankly -- he is about to deliver a disaster to the american people. >> the president has an opportunity to be a real leader or he can be a politician. he has just come off from the election. we will have to see in the next few weeks if he's going to be really involved. most of the jobs in america are fed by small usinesses. these tactics will go to small-business people. you're going to choke on the job recovery of the future. everyby knows that. i think that the president needs to get real with this. i guess he is still campaigning. he's a good campaigner. but this is real economics now. we have to put the campaign aside and see what is best for america. more taxes without cuts, that's not good for ameri to be one republicans can win this negot
on the left, the number ishe projected deficit for this fiscal year, 2013. the production is $100,000,000,000.04. senator, this is a joke. this is 8% of the projected deficit and people are willing to, with absolute certainty, nd this count into recession and destroy millions of jobs. i mean, this president -- he is frankly -- he is about to deliver a disaster to the american people. >> the president has an opportunity to be a real leader or he can be a politician. he has just come off...
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Dec 7, 2012
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. >> if the politicians in washington negotiate a bad deal on the bucket and deficit, what do you think will happen to medicare and medicaid benefits. >> it stars two senator and two republican reps. cnn reports the labor unions are spending more than a half of million dollars on this round of spots. we're back with more steph after the break. stay with us. ♪ going to do the young turks. i think the number one thing that viewers like about the young turks is that we're honest. they know that i'm not bs'ing them with some hidden agenda, actually supporting one party or the other. when the democrats are wrong, they know that i'm going to be the first one to call them out. they can question whether i'm right, but i think that the audience gets that this guy, to the best of his ability, is trying to look out for us. [♪ theme music ♪] >> stephanie: okay. and as we mentioned, unemployment numbers. hello! [ ♪ patriotic music ♪ ] >> stephanie: the lowest in four years. >> wow! >> stephanie: it has dropped to 7.7%. >> you're welcome america, i did that. >> no, you didn't. >> stephanie:
. >> if the politicians in washington negotiate a bad deal on the bucket and deficit, what do you think will happen to medicare and medicaid benefits. >> it stars two senator and two republican reps. cnn reports the labor unions are spending more than a half of million dollars on this round of spots. we're back with more steph after the break. stay with us. ♪ going to do the young turks. i think the number one thing that viewers like about the young turks is that we're honest....
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right now with fourth year in a row with over a trillion dollars in deficit spending, that deficit and debt continues it to climb. it doesn't wipe it out. what does it do to the overall economy. we're not just dealing with one tax increase right now. the affordable care act actually begin on january 1st as well for people making $200,000 or more or people with large medical bills. that already starts coming up. this is an additional tax increase on top of that tax increase. >> what about what bill clinton said? he said once things start to get better, and that's a crucial point he was making. he wasn't saying doing it right away. once it gets better, taxes go up on the middle class. do you agree with that? >> i don't, actually. the reason being is that right now if you look at the real math on it, in 2007 and 2012 we have the same amount of revenue. obviously 2008 and '09 we had a dramatic drop in federal revenues coming in. we've slowly climbed back up. revenue has gone up every single year in the obama administration, and now we're at historic highs. the difference is our spending in
right now with fourth year in a row with over a trillion dollars in deficit spending, that deficit and debt continues it to climb. it doesn't wipe it out. what does it do to the overall economy. we're not just dealing with one tax increase right now. the affordable care act actually begin on january 1st as well for people making $200,000 or more or people with large medical bills. that already starts coming up. this is an additional tax increase on top of that tax increase. >> what about...
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Dec 3, 2012
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there is an interesting coalition, if you will, of very conservative deficit hawks and very liberal deficit hawks, if you will, who might come together and say, you know what, let the country go off the cliff. lack at those five-year projections. isn't this about short term versus long term? what do you say and what do you think your members would say? >> the best thing is to do something our spending problem and barring anything else, doing the automatic cuts that congress promised last year when they raised the debt ceiling would be better than doing nothing. it's separate from the ougautomc tax increase that happens on january 1. our preferred strategy here would be to accept the sequester now knowing that congress is not going to do something more rational. they're not going to take on more fundamental spending reforms and push off increasing taxes. and let's have a ration conversation about fundamental tax reform in the first six months of next year. nothing congress does in this panic is going to be rational public policy regardless of ideology. >> isn't it fair to say no matter what,
there is an interesting coalition, if you will, of very conservative deficit hawks and very liberal deficit hawks, if you will, who might come together and say, you know what, let the country go off the cliff. lack at those five-year projections. isn't this about short term versus long term? what do you say and what do you think your members would say? >> the best thing is to do something our spending problem and barring anything else, doing the automatic cuts that congress promised last...
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Dec 3, 2012
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it has no effect on deficit. it will have no effect on rescuing us and i think republicans ought not play that game. it doesn't help the economy. >> stephanie: how many times can we -- can it be said and proven the deficits were caused by the bush tax cuts? >> so obama created this whole fiscal cliff for an election issue. the amazing thing is no one talked about this during the campaign. it was the day after the election that suddenly d.c. and the d.c. press was abuzz about the fiscal cliff. this wasn't a campaign issue. no one even talked about it. >> stephanie: right. >> the idea that this is all obama's fault. it has nothing to do with the $3 trillion war paid for with taxes. >> stephanie: eric boehlert remains in the sidecar. we continue with right-wing world next on "the stephanie miller show." >> announcer: it's really weird but it's also the coolest thing i've ever heard in my whole life. >> announcer: it's "the stephanie miller show." that viewers like about the young turks is that we're honest. they can
it has no effect on deficit. it will have no effect on rescuing us and i think republicans ought not play that game. it doesn't help the economy. >> stephanie: how many times can we -- can it be said and proven the deficits were caused by the bush tax cuts? >> so obama created this whole fiscal cliff for an election issue. the amazing thing is no one talked about this during the campaign. it was the day after the election that suddenly d.c. and the d.c. press was abuzz about the...
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right now with the fourth year in a row, that deficit and debt continues to climb. so it doesn't really wipe it out and the challenge of it is what does that do to the overall economy. we're not just dealing with one tax increase as well. a lot of people lose track of that. the affordable care about actually begin on january 1st as well for people making $200,000 or more. or people having large medical bills. this is talking about an additional tax increase on top of that. >> what about what bill clinton said? he said once things start to get better and that's a crucial point he was making. once the economy starts to get better, taxes have to go up on the middle class. do you agree? is. >> i don't, actually. and the reason being is that right now, if you look at the real math, in 2007 and 012, we have the same amount of revenue. now, 2008 and 2009, we had a dramatic drop in federal revenues, but we've slowly climbed back up. revenue has gone up every year of the obama administration and now, we're at historic highs. the same as we were five years ago. the difference
right now with the fourth year in a row, that deficit and debt continues to climb. so it doesn't really wipe it out and the challenge of it is what does that do to the overall economy. we're not just dealing with one tax increase as well. a lot of people lose track of that. the affordable care about actually begin on january 1st as well for people making $200,000 or more. or people having large medical bills. this is talking about an additional tax increase on top of that. >> what about...
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Dec 6, 2012
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they have been able to reduce the deficits. tax increases have been able to stick around for a while. may be a democrat will pass a tax increase and then 15 years later a republican will cut it again. host: rachel in texas. caller: hello. i have two questions to ask. the expense it cost them to move overseas? can that be used as a deductible? our representatives are part of the 47%. what does that cost the taxpayers in taxes? what part of our taxes is paid in their insurance? guest: the answer to the first businessess that this are supposed to deduct all other expenses and that could include closing down a factory and opening up a factory overseas. it will include anything. so democrats have proposed a little change to the tax law which would prevent companies from being able to do that but it would raise that much money, unfortunately. i'm sorry about the other question about health insurance for lawmakers. host: thomas in winter park, florida. caller: good morning. thank you for taking my call. the current tax code is a desce
they have been able to reduce the deficits. tax increases have been able to stick around for a while. may be a democrat will pass a tax increase and then 15 years later a republican will cut it again. host: rachel in texas. caller: hello. i have two questions to ask. the expense it cost them to move overseas? can that be used as a deductible? our representatives are part of the 47%. what does that cost the taxpayers in taxes? what part of our taxes is paid in their insurance? guest: the answer...